PetroBakken Announces Closing of the Sale of Non-Core Southeast Saskatchewan Bakken Assets for $427 Million

Friday, March 16, 2012

PetroBakken Announces Closing of the Sale of Non-Core Southeast Saskatchewan Bakken Assets for $427 Million14:15 EDT Friday, March 16, 2012CALGARY, ALBERTA--(Marketwire - March 16, 2012) - PetroBakken Energy Ltd. (the "Company" or "PetroBakken") (TSX:PBN) is pleased to announce the closing of our previously announced sale of certain non-core southeast Saskatchewan assets (the "Non-Core Assets"), for gross cash proceeds of $427 million. The Non-Core Assets were outside the key focus area of our Bakken business unit as they were largely non-operated and generally have lower average working interest than our remaining lands. Following the closing of this transaction, we will have approximately $1.1 billion of available liquidity from diversified sources of credit that have a layered maturity profile that compliments the long term nature of our light-oil focused assets. TD Securities Inc. acted as financial advisor to PetroBakken on the transaction. The Transaction will have an effective date of January 1, 2012PetroBakken Energy Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light-oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.FOR FURTHER INFORMATION PLEASE CONTACT: John D. WrightPetroBakken Energy Ltd.President and Chief Executive Officer(403) 268-7800ORPeter D. ScottPetroBakken Energy Ltd.Senior Vice President and Chief Financial Officer(403) 268-7800ORR. Gregg SmithPetroBakken Energy Ltd.Senior Vice President and Chief Operating Officer(403) 268-7800ORBill A. KantersPetroBakken Energy Ltd.Vice President Capital Markets(403) 268-7800ir@petrobakken.comwww.petrobakken.com

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